Here's Why NFTs are Surging Again | Credit: Veronica Cestari
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Key Takeaways
Non-Fungible Token (NFT) volume has picked up in July.
OpenSea is still the market leader, followed closely by Blur.
Pudgy Penguins dominate the NFT mindshare in 2025.
After months of declining activity, the Non-Fungible Token (NFT) market shows signs of life again in July.
Trading volumes have spiked above $25 million, and users have returned to platforms like OpenSea.
If the recovery continues, it could signal the start of a broader rebound in the NFT ecosystem.
NFT Volume Picks Up
NFT volume peaked in February 2023 but has been steadily declining since.
There have been some minor trend reversals, the most notable in February and December 2024, but they did not trigger a long-lasting reversal.
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Another similar increase started this month, since daily trading volume has spiked back over $25 million.
This is still a blip on the radar compared to past periods of high volume, but it is a welcome development after volume fell to new lows of $2 million in June.
Notably, the number of daily NFT trades has also fallen similarly. So, the decline in volume is not only due to the decline in the NFT floor prices but also to decreased interest.
The daily trades have fallen over 90%, from highs of over 100,000 to lows of less than 8,000 this week.
OpenSea vs Blur
The two biggest NFT markets are Blur and OpenSea, which historically held first and second place.
CryptoPunk’s marketplace briefly took the lead on July 20, but the increase is likely a deviation, since its volume is usually not even comparable with Blur and OpenSea’s.
More than 2 million plush toys have already been sold, and over 27 trademarks have been filed.
Pudgy Penguins strengthened community loyalty by airdropping PENGU to its holders, rewarding them for their conviction in their projects.
The PENGU price reached a new all-time high today.
Moreover, Pudgy Penguins’ parent company is launching its Ethereum Layer-2 chain, Abstract, which focuses on consumers.
Some influencers like WaleSwoosh believe that holding projects like PudgyPenguins or CryptoPunks is worth it, but day trading and flipping NFTs are not worth it anymore.
Others suggest that Abstract is not priced in yet, and the entire increase in Pudgy Penguins and PENGU is simply due to it dominating the mindshare.
The mindshare is so present that brands have started tweeting about Pudgy Penguins or using the $pengu ticker to gain attention.
Potential Revival
While it’s too early to confirm the recovery, the recent uptick in volume, user engagement, and collections like Pudgy Penguins suggests a renewed interest in Non-Fungible Tokens.
The performance of key platforms and the emergence of new narratives, such as Pudgy Penguins’ consumer-focused Layer-2 chain, will be critical to watch throughout 2025.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
